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TA Is Easy – All Patterns are Bullish 5/7/21

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On the daily charts, anyway.

One day, it will break, and it will be all over.

For now, we look at shit like this and see patterns that would have been frighteningly bearish in the good old days when markets were markets, turn up.

The 5 day cycle projection is 4230.

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First they gotta get through resistance around 4208-12. If they do, the projection would be easily doable. If they roll over from a test of the high, I’d expect a pullback to around 4190, where they’ll regroup to try again.

I just noticed that the Treasury announced another T-bill paydown yesterday that will settle on the 13th. From the 4th to the 13th, they will have paid down exactly enough T-bills to fund exactly the amount of new coupon issuance coming on the 17th.

That of course is right in the middle of Fed MBS settlement week. Good god all that money. It’s gonna be a porn show.

Here’s Why We Should Sell In June, Before the Swoon

 

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Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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